OECD Calling For $1.3 Trillion Eurozone Crisis Fund

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The head of the Organization for Economic Cooperation and Development said Tuesday that there needs to be more money for the eurozone to return to growth. The agency, also known as the OECD, says the 17 countries who use the euro need to build a 1 trillion euro or $1.3 trillion firewall to secure a recovery.The eurozone already has plans for 500 billion euro or $664 billion in the rescue fund but the OECD says that is not enough.Angel Gurria, the secretary-general of OECD says that the 1 trillion euro fund would give governments the breathing space to focus on kickstarting growth and restoring the competitiveness of their economies. The agency added that some countries may even want to look for even more money for support in their economic recovery. Gurria also suggested that the ECB could intervene more aggressively in the bond markets of struggling countries if market pressures resurface - a step that the central bank has been reluctant to take.

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